Indianapolis Times, Indianapolis, Marion County, 22 October 1946 — Page 6

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‘and $4,750,000, providing ‘| he absorbed the full $35 per bale drop of last week. | Rising Clothing Price Halted ‘His liquidation turned the cotton ‘world upside down. After three days of tumbling futures, both exchahges declared a

Today cotton. regained about #5 of the previous losses. { As a result of the liquidation cot‘ton clothing prices have stopped their upward spiral—for this month least.

, Jordan has been down before: went down in motors in the 20's. buying General Motors at 50 and watching it soar to around 140, he was caught in the market crash, He started that venture with a few hundred dollars = borrowed against his salary in 1924, shortly

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and Mary college, - He started in cotton the same way. Jordan ‘borrowed $300 from a bank, saying he wanted it to pay back taxes. He ran the loan to something like $1700 at the Southport, La. gamiing tables, and borrowed anothér against the salary which ‘he paid himself as owner and. sole employee of the Canal Barge Co. He ran that stake to $1,000,000 in the New Orleans cotton exchange in 1041. ; Two months -ago Mr, Jordan is reported to have told friends that “anybody who wants to make 10 or 15 million has only to buy the market and watch it go up 1200 points.” $10 Million Since 1941

Close observers of the market here estimated Mr. Jordan had made $10 million since 1941. Mr, Jordan came to New Orleans in 1933. When he had trouble finding a job he bought a barge. He became the president, owner, crew and pilot of the craft. He voted himself $5 a week in salary. Today the company is a going concern. A promised visit of the stork to Mr. Jordan and his wife—the formér Cornelia Howard Ingersoll of Cleveland, N. Y.—and-his feeling that the cotton market was right for speculation turned him to the New Orleans cotton exchange. It was then that he borrowed the $300. | $300,

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LAW ENFORCEMENT PLEDGED BY JOHNSON

Co-operation with all agencies for | better law enforcement was pledged |by Lewis (Cap) Johnson, Demo- | cratic candidate for sheriff, in a speech at the South Side Turners k:all last night. . “Reducing juvenile delinquency and. expanding present child safety land accident prevention programs

| packers entered the market.

[95 and choice round, 70 to 90. Eggs

wil be among my chief aims “if elected sheriff,” Mr. Johnson said.

“My experience as police officer | for 29 years has fitted me to serve |the ceiling, but bacon at 85 cents

well as sheriff and I shall conduct

he said,

MISS VON ALT IS

ciency,”

Miss Irene Luceil von Alt, niece of Edward W. Hunter, former sec{retary of the Indianapolis chamber of commerce, died this morn{ing at her home following a long lillness, She was 32. | She was the only daughter of Mr. and Mrs. von Alt who died |several years ago. She had lived in Indianapolis 20 years and lived at 831 N. Alabama st. Services will be at 4:30 p. m. to- | morrow in the Flanner & Buchanan mortuary. Cremation will follow. Her uncle is the only near survivor.

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that office with fairness and effi-|had dropped 7 cents

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MEAT PRICES

ARE STILL HIGH)

Predict Drop: yor" Below ‘OPA Level in 6 Weeks.

(Continued From Page One)

63 to 69 cents compared with 49-55 under OPA; chuck roast 47-49 over 44; T-bone 79 over 61; sirloin 69 over 59: porterhouse 79 over 61; short ribs 37 over OPA's 20-39. Poultry prices were down a few cents, eggs steady at 65, and wholesale butter. off 8 cents to 80.

EL PASO Retail merchants said “beef for everybody” was in early prospect and consumer resistance brought butter down 7 cents to 91, with margarine extremely scarce. Prices of beef ‘cuts were on an average about 8 cents higher since ceiling prices were removed. Ground beef, selling at 27 cents under OPA, was up to 34 cents. Poultry, fish, butter and eggs were plentiful without price increase. : MEMPHIS

Meat supply ‘was around 50 per cent more than in the previous week, but supplies were mostly local grass-fed stuff commanding prices 75 to 100 per cent higher than OPA but expected to drop sharply as big Chuck roasts were 60 cents, steaks 75 to were down 3 to 4 cents a dozen and produce houses feared a sharp drop. CINCINNATI Meat supply abundant, although packers said retail orders had declined sharply, chain stores refusing to uy Bleuirent, prices. Whole. sale increases on all beef cuts averaged 10 cents. Most cuts, except pork, stood at 10 to 20 cents above

was 39 cents over the top. Butter to 90, and poultry 5 cents. Some sample independent store prices: Roll pork sausage 60 tents, 15 above ceiling; over 49-cent

FT. WORTH

Counters were full of meat but housewivés were paying an average of 8 cents and as high as 17 cents more a pound for beef than under OPA. Consequently there was plenty of selective shopping as they steered away from choicer cuts. Bacon was $1 a pound but not generally available. Last week ‘there was no meat in most stores.

BIRMINGHAM Beef was just beginning to come in quantity but butchers were passing up choice grades in the belief customers wouldn't pay the asking price—generally 5 to 10 cents above ceiling. Poultry prices were breaking fast, almost 30 per cent in two days and wholesale egg prices were down 20 per cent.

CLEVELAND

Both consumers and stores were backing away from current prices, and beef supplies were not exhausted in week-end buying. Few people bought for more ®han one

prices would level off at not less than 33 per cent above old ceilings and beef would be somewhat closer to OPA’s prices. Butter dropped 7 cents, poultry around 10 cents and eggs 3 to 5 cents a dozen.

NEW YORK

The week's high prices were breaking, with further declines im-

On Sale x 3 Sisters

minent. Meat supplies were going rapidly as major packers swung into action. Rétail prices were about 50 per cent above OPA and generally below the black market. There was a growing consumer resistance to current store prices. Poultry was pleptiful at prices 20 to 25 per cent below OPA. Butter prices were dipping from around $1 to 90 cents.

83 to 90 cents. Heavy supplies of fish were on hand” with some varieties down 50 per cent in cost,

COLUMBUS

Meat supply was increasing slowly with consumers resisting high prices. Retailers sold at what they could get saying that if the supply were normal they couldn't ‘unload at present prices. Retail grocers warned against “sucker prices,” which were only slightly below the black market. Heavy shipments of

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meal. Best estimates were that pork |_

Eggs were generally unchanged at|-

hogs were coming in, as well as of

cattle. Butter was down from 87 to 90 cents, eggs from 75 to 65 and poultry 6 to 8 cents. KNOXVILLE

Beef prices were averaging™about 25 per cent above former ceilings and pork, in short supply, 25 to 75 per cent above, Beef was fairly adequate but several butchers yesterday had their- first major packer representative to call since control went off, Housewives were chary, many pricing and walking out without buying. Poultry prices were down but eggs held steady.

SAN FRANCISCO

Heavy livestock receipts at prices under Middlewest levels, but lamb remained the most plentiful meat. In general, meat prices were from two to 37 cents above OPA but resistance was stiff. Housewives were voluble through organizations and otherwise for a “mamma's OPA as they resorted to meat substitutes which held ady. ALBUQUERQUE Consumer resistance not yet a potent factor, meat prices continuing upward and in fair supply. Steaks were averaging 76 cents, chuck roasts 56. Retail price of poultry off about 30 cents. Butter was down 10 cents from 94, and egg prices firm, _

THE INDIANAPOLIS TIMES

U. S. Turns Down IH] HOT RACE SEEN |

Lewis Demands (Continued From Page One)

All the workers involved are -mémbers of the United Steelworkers un- | fon (C. I. 0).

Pacific Not Affected The first real break in the maritime strike came when the C. I. O: marine engineers union and ship operators on the east and gulf coasts reached an agreement. This climaxed a prolonged negotiating session which began Sunday. ° The agreement reportedly includes a 15 per cent wage increase, higher overtime rates and preferential union hiring. The settlement, covering 44 shipping firms and 12,000 union members, becomes effective upon ratification by local unions. It does not affect Pacific coast strikers, but negotiators were confident that it would result in complete settlement of the nationwide shipping strike eithér today or tomorrow. A settlement&fstill ust be reached with thé A. F, of L, masters, mates and pilots.

Mediation Board Enters Picture.

In the airline strike, the White House said the Office of Reconversion Director John R. Steelman had

FIGHTS ‘SLASHING’ PROWLER 20 TIME

(Continued From. Page One) | said. “After I chased him away, I returned to the house by the back | way. Just as I walked in the Sous | I heard him coming back through | the back gate. =~ °° “L waited and jumped him as he came through the grape ‘arbor. That was when he used. the razor.” Mr. Gaines believes the .prowler might want something out of the]

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contacted the national mediation board about the strike and its possihe solution.

was stated there had been no — White House “intervention”

of going after him unarmed,” he| land that seizure is not being talked [masses

{about.” had suggested that the government take over the line. :

IN 1ST T DISTRICT

Beshis Focal Point as GOP Masses Strength.

(Continued From Page One)

involved is European politics, which play in many ways a stronger part in Lake county elections than Re-publican-Democratic politics.

»publicans claim heavy and stillwing support from Polish groups; largest foreign language segment of the Calumet population. Polish groups, they say, feel the Democratic administration threw Poland to Russia ass.a pawn in a worldwide game of power politics. Republican foreign language broadcasts in the district are hammering this point.

Serbian groups are hearing ap-

peals that the national administration sold their hero, Draja Mikhailovich “down ‘the river.”

Other foreign groups, too, are being subjected to appeals based on the plight of central European nations. Miss F. D. R.’s Influence The single consideration which

causes the most confidence among | Republicans and the longest faces, among Democrats and their follow- | ers, however, is the absence for the

|velt

first time since 1932 of the Rooseinfluence. Former President | Roosevelt “was idolized by great of the foreign-language

TWA. President Jack Frye groups as well as by labor groups

in’ the Calumet area and his ab- | sence throws the entire population |

The strike kept 90 planes and|Sé8ment open to change.

about 1400 pilots and co-pilots grounded, suspending service on the line's 28,000-mile aerial network, At Chicago, President

STOCKS GENERALLY DOWN NEW YORK,’ Oct. 22 (U. P.).—

David | Stock prices generally were lower

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